Tripoli-based investment company Libya Holdings Company, in concert with a group co-investors from some leading families and corporations in the Gulf region, have reached agreement to acquire a majority stake in Libyan Cement Company from QuadraCir, a subsidiary of the Austrian Asamer group, in an undisclosed deal.

The investment is an anticipatory bet on a construction boom once Libya’s civil war ends. The new co-investors have committed to invest significantly to stabilize the cement company’s operations and boost production capacity to 3 million tonnes per annum.